Tesla posts first profit in eight quarters

San Francisco

TESLA Motors Inc posted an unexpected profit and said it expects to get through the rest of the year without raising cash, easing one concern for investors as it expands production of electric cars and prepares to acquire money-losing SolarCity Corp.

The profit, Tesla's first in eight quarters, boosted its shares more than 4 per cent in late trading on Wednesday after they slumped 16 per cent this year. It also provided welcome vindication to chief executive officer Elon Musk, who in an August email obtained by Bloomberg pushed workers to cut costs, deliver every car possible and drive the results into positive territory. "It would be awesome to throw a pie in the face of all the naysayers on Wall Street," Mr Musk wrote.